Romney Sides With Obama on Lower Student-Loan Interest Rate

04/23/2012

Mitt Romney, the presumptive Republican presidential nominee, said he agreed with President Obama that Congress should prevent certain student-loan interest rates from doubling in July. At a press event in Pennsylvania, Mr. Romney threw his support behind a measure—opposed by Republicans in the House of Representatives—that would extend an interest-rate cut on federal direct subsidized Stafford loans for another year. The rate is scheduled to double, from 3.4 percent to 6.8 percent, as a 2007 law expires. Mr. Romney said his support was due in part to “the extraordinarily poor conditions in the job market.” His comments came in the midst of an aggressive public campaign by the president and the secretary of education, Arne Duncan, to prevent the low interest rate from expiring on July 1.